Consortium including Visa, Mastercard jointly launch new global stablecoin

Reuters

Tue, June 30, 2026 astatine 10:23 AM CDT 2 min read

June 30 (Reuters) - A consortium including Visa, Mastercard and Coinbase connected Tuesday launched a caller associated stablecoin successful a bid to broaden the ‌adoption of the integer tokens.

The venture, called Open Standard, brings unneurotic much ‌than 140 businesses for the stablecoin web and volition contented a caller U.S.-dollar pegged stablecoin called Open ​USD, which is expected to spell unrecorded aboriginal this year.

It is aimed astatine accelerating the usage of the integer tokens worldwide by addressing hurdles that businesses look successful scaling stablecoin adoption, Open Standard said.

"Existing stablecoins person large strengths, but to usage them ‌at scale, businesses request thing ⁠that's open, low-cost, high-throughput, broadly accessible, and aligned to their interests," Open Standard founding CEO Zach Abrams said.

It volition fto businesses mint ⁠and redeem Open USD without immoderate outgo and limits connected volumes to assistance them physique for scale. Earnings from Open USD's reserves backing the integer token volition besides ​be shared ​among the initiative's partners, minus a absorption ​fee to screen operational costs.

Stablecoins are ‌digital tokens designed to support a changeless worth and backed by accepted currencies specified arsenic the U.S. dollar oregon euro.

U.S. President Donald Trump past twelvemonth signed the GENIUS Act into law, mounting national rules and guidelines for stablecoins.

This U.S. law, the archetypal designed to facilitate crypto usage, was thought to pave the mode for ‌the integer assets to go an mundane mode ​to marque payments and determination money, experts said ​at the time.

Still, stablecoins are mostly ​used to facilitate trading successful different crypto tokens and are ‌still not wide utilized to nonstop oregon ​receive payments.

"A stablecoin with ​neutral governance and shared economics is simply a unsocial operation that has imaginable to unlock the adjacent signifier of integer assets growth," BNY main merchandise ​and innovation serviceman Carolyn Weinberg ‌said.

Some fintech and crypto firms had besides travel unneurotic successful 2024 to motorboat ​a planetary stablecoin web called Global Dollar Network.

(Reporting by Arasu Kannagi ​Basil successful Bengaluru; Editing by Devika Syamnath)